Rental has gone from your old standby’s (DVDs, cars for the weekend, etc.) to high fashion. Bag, Borrow, or Steal (Avelle) rents out high-end purses and accessories. Wear Today Gone Tomorrow offers designers dresses rentals at 5%-10% of their retail price.
And now a new business has come into the mix: Rent The Runway also offers consumers the opportunity to rent dresses at a fraction of what they would cost. A $3,000 dress by Christian Siriano (the 4th season winner of Project Runway) can be rented for about $200.
This is another sign of the transumer transformation – the idea that instead of pursuing an ownership model, consumers can pay for a leasing lifestyle instead. Rather than spending $1,000 on an evening gown that you only wear once, for example, you can rent the same gown for $100 for a night.
Renting luxury has become a way for people to (a) spend money on only when they want to use an item, (b) achieve a level of luxury that would be above their means if they had to own the product, and/or (c) introduce more variety into their wardrobe without the corresponding cash outlay.
It’s a good idea not to buy a dress that you won’t wear more than once, and renting a dress once would be cheaper than buying it. It can even be a “green” method – effectively hundreds of people would be “sharing” one dress. (Although then you get into the impact of shipping / dry-cleaning, etc., so I’m not sure what the net effect would be).
This rental model has existed before in wedding gowns and in men’s formal wear – but it’s only recently when renting regular lady’s formal wear has become an option. If gents can rent their tuxedos for a swanky gala, why can’t ladies rent an Oscar De La Renta or a Caroline Herrera?
Still, I would rather save and get a $500 dress that I really love then to spend $100 to rent a $1,000 dress 5 times. Despite it all, I suppose there are still elements of ownership, especially when it comes to personal items such as clothing and accessories, that appeal to me.
Would you rent your clothes for a party?
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